Earlier today, Downtown Vision, Inc., Downtown Jacksonville’s Business Improvement District, released a comprehensive 18-month summary on the growth of Downtown Jacksonville.
This State of Downtown report provides details on development successes and announcements, office and employment trends, residential growth, retail mix, arts and culture, tourism, transportation and more.
- Fifteen major development projects totaling $221 million have been completed since 2015 with another 25 projects totaling $471 million currently active.
- To date, the Downtown Investment Authority’s Retail Enhancement Grant Program has leveraged $600,000 in public investment to spur more than $3 million in retail investments, to create 120 new jobs and to activate 33,000 square feet of retail space.
- Downtown experienced more than 344,000 square feet of net absorption in 2015, the highest amount in the past ten years.
- Downtown’s commercial occupancy rate is 81.4%, the highest since 2007 and up from the lowest point of 75.1% in 2010.
- 2015 saw the first major infusion of residential units since 2008 with 604 high-end apartment units opened in Brooklyn, bringing the total number of units in Downtown to 4,126.
- More than 2,600 additional residential units in 11 new residential properties have been announced.
- The Hyatt Regency and DoubleTree by Hilton spent more than $20 million on hotel renovations in 2015, with an addition $20 million planned for the Lexington Hotel and Conference Center.
- JTA launched the $33.2 million Bus Rapid Transit network The First Coast Flyer in 2015 and released plans for the $40 million Jacksonville Regional Transportation Center, set to break ground in 2017.
“This report reaffirms that Downtown Jacksonville is on the rise thanks to the hard work of numerous organizations and individuals working to make a vibrant Downtown a priority,” said Jacob A Gordon, Downtown Vision CEO. “The quality and quantity of investment we’re seeing makes the entire Jacksonville region more competitive and shows Downtown Jacksonville continues to be a leading destination to live, work, visit and invest.”
PDF: Download the 2015 State of Downtown report and supplement at dtjaxreports.com.
About Downtown Vision, Inc.
Downtown Vision, Inc. (DVI) is a not-for-profit 501(c)6 organization with a mission to help revitalize DTJax through clean and safe initiatives, experience creation, marketing and information management. Created by commercial property owners through a self-assessment and governed by a board representing Downtown property owners, DVI administers a 90-block Business Improvement District. For more information, visit downtownjacksonville.org.